Onanuga Highlights 19 Investments to Challenge Claims Tinubu’s Reforms Are Driving Investors Away

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has highlighted 19 investments and proposed projects across several sectors to counter claims that the administration’s economic reforms are discouraging investors from doing business in Nigeria.

In a statement shared on Saturday, October 24, Onanuga pointed to developments in banking, oil and gas, electricity, mining, manufacturing, telecommunications, technology, data infrastructure and maritime logistics as evidence of continued investor interest.

Among the projects he listed were JPMorgan’s efforts to secure a merchant banking licence, Absa’s consideration of expanding into merchant banking and Standard Bank Group’s planned investment of up to $200 million in fintech company OPay.

In the oil and gas sector, he cited the Ima gas project being developed by TotalEnergies and AMNI, ExxonMobil’s deepwater investments and Shell’s proposed Bonga South West development.

Other initiatives included the $2.3 billion Presidential Power Initiative involving Siemens Energy, a $250 million lithium processing plant in Nasarawa State, Indorama’s fertiliser project, data centre developments involving MTN and Airtel, and APM Terminals’ $600 million investment pledge.

Onanuga argued that these developments contradicted opposition claims that Tinubu’s economic policies had worsened Nigeria’s economic situation since he assumed office in May 2023.

However, the projects are at different stages of development. While some involve completed facilities or announced commitments, others remain proposals, planned investments or projects awaiting final investment decisions and regulatory approvals.

The distinction is important when assessing the scale of investment already delivered and the amount that may materialise in the future.

The list provides a basis for examining investor activity under the current administration, although announced projects alone do not establish the overall effect of economic reforms on investment, employment, prices or living standards.